Tuesday, November 06, 2007
Dumped That Silver
The other day I broadcasted a small trade that I made - a buy of March Silver at $14.66.
I just let it out, a mere three days later, for $15.49.
If one piggybacked me with the smallest trade possible, which would be one e-mini contract, he'd have bought 1,000 ounces and turned a $830 profit (less $4-$5 in roundtrip commissions). Perhaps I'll buy it back today if it comes in 35-50 cents and oil stays strong (currently up $1.95 to 95.925 - essentially at its all-time high).
This is about as clean and quick as a winning trade can be. I was never down in the position and only had to hold it for 2-3 days. Therefore, IT REALLY ISN'T AN INDICATIVE ILLUSTRATION OF MY BUSINESS.
Nonetheless I wanted to follow up my prior post.
Obviously I should have bought a LOT of silver last week.
The small trades are almost always winners - it's the big bets that cause problems.